CEO Tom Rogers’ efforts to persuade pay TV distributors to offer TiVo boxes to customers who want online and conventional video worked better than many investors anticipated in the three months ending in April. The company says it generated $8.1M in net income, up from a $10.3M loss in the period last year, on revenues of $107.1M, +29.7%. The top line beat analysts expectations for $86.9M. Earnings at 7 cents a share also topped estimates for 6 cents.
TiVo ended its fiscal Q1 with 4.5M subs, +33.4% from a year ago, although just 21% subscribed to the DVR service directly from the company. The rest come from pay TV providers that want a relatively easy way to provide digital age services. TiVo has deals with 15 operators including Spain’s ONO, Sweden’s Com Hem and the UK’s Virgin Media. Those using TiVo “have seen stronger competitive positions and improved operating metrics, including increased on-demand usage, lower churn, and higher revenue per subscriber,” Rogers says. He’s also optimistic about direct-to-consumer sales of TiVo’s new Roamio DVRs. The company repurchased $110M of its shares in the quarter, for a total of $225M over 15 months.
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